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Leaders of UOB Vietnam held the opening event for the launch of the new branch in Hanoi last week United Overseas Bank Vietnam, a wholly-owned subsidiary of United Overseas Bank Ltd., (UOB) which boasts a global network of more than 500 offices in 19 countries and territories in Asia-Pacific, Europe, and North America, officially opened the Hanoi branch last Thursday. The expansion comes a year after the incorporation of UOB Vietnam as a foreign-owned subsidiary, underlying the bank’s commitment to providing its financial services and solutions to more customers across the country. The Hanoi branch, located on Thanh Nien Road in Hanoi’s Ba Dinh district, was opened by Catherine Wong, Singapore’s Ambassador to Vietnam, and Wee Ee Cheong, deputy chairman of UOB. “The opening of our Hanoi branch marks another milestone in UOB’s long-term commitment to the country,” said Cheong. “We were the first Singaporean bank to set up a representative … [Read more...] about UOB expands with new Hanoi branch

Experienced South Korean investors can bring that wealth of knowledge to Vietnamese counterparts Photo: Le Toan For the past year, South Korean securities companies have been competing with each other to buy out Vietnamese brokerage houses. Last month, Hanwha Investment & Securities Co., Ltd., part of the Hanwha conglomerate, took over HFT Securities Corporation, a tiny brokerage listed on the Unlisted Public Company Market (UPCoM). Similar to many other mergers and acquisitions (M&A) deals among Vietnamese brokerage houses, Hanwha decided to take over HFT when the company was struggling financially, with major losses and dismal business efficiency. In the first quarter of 2019, HFT only recorded VND304 million ($13,200) of after-tax profit, 75 per cent lower than the previous year. Despite this profit, the ­company still held VND13.5 billion ($587,000) of accumulated losses. The takeover of HFT took place quickly, even though the two sides had no previous ties. Right … [Read more...] about South Korean securities immersed in M&A deals

Vietnamese shares rose thanks to the positive movements of banking and energy stocks. The Vietnamese stock market was driven by the securities, energy, banking, retail, construction and seafood processing sectors.-Photo blog.siliconstraits.vn The VN-Index on the Ho Chi Minh Stock Exchange inched up 0.08 per cent to end the morning session at 981.79 points. On the Ha Noi Stock Exchange, the HNX-Index increased 0.15 per cent to 102.74 points. Some 104 million shares worth nearly VND2.5 trillion (US$108 million) traded on the two markets. The Vietnamese stock market was driven by the securities, energy, banking, retail, construction and seafood processing sectors. Their sector indices rose between 0.02 per cent and 0.96 per cent, data on vietstock.vn showed. Large-cap stocks dropped with the VN30-Index decreasing by 0.04 per cent to end at 891.42 points. Banking stocks such as Việt Nam Thương Tín Commercial Joint Stock Bank (VBB), Asia Commercial Bank (ACB), … [Read more...] about Banking and oil stocks push shares up

Korean-backed Shinhan Bank Vietnam Ltd. has officially opened four more branches and transaction offices in Vietnam’s most vibrant metropolises, including Danang city, the capital Hanoi, Haiphong city, and Binh Duong province.   The inauguration ceremony of Shinhan Bank's Danang branch Among them, the Danang branch is the bank’s first in the central region, adding to its existing network of branches and transaction offices in the northern and southern areas of the country. With the opening of the Danang branch, Shinhan Bank has completed its goal of expanding its network nationwide in 2019. Shinhan Bank has its network located in most favoured locations in big cities across the country, with the entities based in Danang, Hanoi, Haiphong, and Binh Duong– Vietnam’s robust financial centres – are structured for operation as multi-function banking units. By opening these new branches, Shinhan Bank aims to attract more investment from Korea as … [Read more...] about Shinhan Bank expands footprint in Vietnam

Investment funds from Singapore turn to Vietnam as global conditions remain volatile Major deals In the first half of 2019, investment funds from Singapore continued their quest for high-performing firms listed on Vietnam’s main bourses. Most recently, F&N Dairy Investments, the Singaporean subsidiary of tycoon Charoen Sirivadhanabhakdi, registered to buy 1 per cent of dairy firm Vinamilk between July 10 and August 8. At the same time, another big-name in the region – Platinum Victory of Jardine Matheson Group – wanted to purchase the same amount of shares between July 4 and August 2. The two companies already have significant ownership at Vinamilk – F&N has 17.31 per cent and Platinum Victory 10.62 per cent. The latter might be the newcomer to this race, but they have shown some incredible buying powers: the investor was the sole buyer at Vinamilk’s share auction in 2017, taking up 3.3 per cent of the shares from Vietnam’s State Capital … [Read more...] about Singaporean investors find gold in Vietnamese stock market